CORPORATE FINANCE

Public Debt / Equity Offerings

$40,250,000


Sand Springs, Oklahoma

2,875,000 Shares Common Stock

The undersigned initiated this transaction
and served as Webco's financial advisor
in connection with its initial public offering.

Public Equity Offering

Webco Industries, Inc.

Carreden served as the Company's initial public offering advisor and guided the Company through the extensive public offering process, including selecting the underwriting team and Company counsel, preparing the road show presentation and representing the Company's interests during pre-filing underwriter valuation analyses and final pricing negotiations.

Key to the Company's initial decision to go public was Carreden's detailed valuation analysis of publicly traded market comparables estimating the Company's public valuation to be approximately $85 million. When the issue was brought to market, at a price that was at the top of the filing range, the actual market value was almost $89 million.

$124,601,000

ARKANSAS ELECTRIC
COOPERATIVE CORPORATION

Little Rock, Arkansas

7.33% Secured Facility Bonds

The undersigned served as AECC's
financial advisor in connection with
this public offering of debt securities.

Public Debt Offering

Arkansas Electric Cooperative Corporation

Carreden's role in this refinancing transaction was acting as an independent advisor on all aspects of the refinancing, from selecting the underwriters, to structuring the new debt and resultant lease payments. Carreden also successfully renegotiated the lease and related transaction document amendments and resultant lease economics with the lessor, while fully preserving all of AECC's net economic benefits of the refinancing.

Carreden was also actively involved in negotiating the issue's pricing. The bonds were ultimately priced by the underwriter at about 8-10 basis points lower in yield than the general "Street" expectation was at the time. This represented approximately one million dollars in lower interest costs to AECC over the life of the issue.